Investors include institutions within the United States such as family offices, endowments and foundations. Penzance anticipates a target portfolio size of $800 million to $1 billion.
The fund looks to make value-add investments in commercial and residential properties within the Washington, D.C. area. It has already completed investments into two properties: a three-story office building located at 1680 Wisconsin Avenue and a mixed-use development in Arlington, Virginia known as The Highlands.
No placement agent was used for the fund.